The Clearwater West Property is 100% owned by Fission 3, and comprises three contiguous mineral claims adjacent to Fission Uranium Corp’s high-grade Triple R Deposit in the Athabasca Basin of northern Saskatchewan.
Under the Amending Agreement, Canex has until April 30, 2016 to incur CDN$2.7m in expenditures on the Property, cumulative with funds spent to date, to earn an initial twenty (20%) percent interest in the Property, and until April 30, 2017 to incur an additional CDN$2.3m in expenditures to acquire an additional thirty (30%) percent interest in the Property. Fission 3 s the operator.
Canex has agreed to issue Fission 3 one million common shares in the capital of Canex (the "Canex Shares") valued at CDN$0.075 per Canex Share as consideration for Fission 3 extending the option deadlines.
Subsequent to the issuance of the shares, Fission 3 will hold 3,704,459 or 12.9% of the issued and outstanding common shares of Canex. The Canex shares will be subject to a four month hold period.
Recent Clearwater West Drilling Highlights and Update
Fission 3 reported on August 4, 2014, that hole CWW15-003 intersected 4 discrete narrow intervals between 109.5m and 195.0m (2.5m total composite) of anomalous radioactivity with a maximum peak of 410 cps over 0.5m at 194.5m – 195.0m, as measured by hand-held scintillometer and corresponding to a peak value of 2,333 cps over 0.1m from the down-hole gamma probe survey (see news release dated August 4, 2015 for further details on the drilling).
The first three holes of the program have been completed and there are four holes remaining. Canex intends on finishing these remaining holes as timing and funding permits.
Summary of the Clearwater West Project
Fission 3’s experienced and successful management and technical team, with a track record of two major high-grade uranium discoveries in the Athabasca Basin region in three years (Waterbury Lake project and the PLS project), operates and manages Clearwater West. Fission 3 currently holds a 100% interest in the Clearwater West Property.
Canex has entered into a 3-year option to acquire up to a 50% interest in the Property by incurring $5,000,000 of staged exploration expenditures on or before October 10, 2016.
The Athabasca Basin region hosts the world’s richest uranium deposits, with a well-established and politically stable, uranium exploration and mining sector. Fission 3 and Canex consider the recent discovery of high-grade uranium in the southwestern region of the Athabasca Basin to demonstrate the prospective merit of this under-explored area.
Clearwater West is an early stage exploration project prospective for hosting high-grade uranium mineralization. Such mineralization is structurally controlled and typically associated with basement graphitic shear zones within clay altered metasedimentary basement lithologies. These features have unique characteristics that can be identified by various geophysical surveys.
The property covers historic airborne EM anomalies, which could be the extensions of the EM conductors identified on the PLS property immediately to the north.
